Early Bitcoin investor Says No One Needs a Bitcoin ETF or Bakkt since BTC is Already Money

2019-1-28 17:37

Bitcoin (BTC) and cryptocurrencies have been growing during the last years. In 2018, Bitcoin enthusiasts were waiting for institutional investors to enter the market and help Bitcoin reach new all-time highs. However, this did not happen and Bitcoin entered a year-long bear market, falling more than 82% since its all-time high.

Some of the bullish events that the market was waiting for 2019 were the launch of the platform for institutional investors Bakkt and the approval of the first Bitcoin ETF. Bakkt has been delayed already several times, and investors are waiting for a new launching date. Just a few days ago, the Cboe alongside VanEck announced that they are withdrawing the proposal they’ve made for a Bitcoin ETF.

These things were very bearish for Bitcoin and the crypto market. Users were expecting for these things to happen and help Bitcoin to grow and enter a new bull market.

Jason Smith, a crypto investor wrote on Twitter that the market does not need Bakkt or an ETF. He said that in 30 years, the daily issuance of Bitcoin will be just 7 coins per day. Now, there are 1800 new coins per day. That means that with a larger demand the price of the most popular digital asset would probably increase.

At the same time, he said that Bitcoin is already money suggesting that Wall Street investors are not needed for Bitcoin to grow.

4. Bitcoin is ALREADY money. I know everyone who's trying to shill Bitcoin to Wall Street likes to pretend the dark web disappeared when Silk Road closed. But it didn't. It's roaring along. And guess what their currency is?! It's Bitcoin. It's not uncommon to see sellers on Dream

— Jason Smith (@iwearahoodie) January 22, 2019

And this is despite the decline in the BTC exchange rate last year.
No-one is waiting for Bitcoin to be blessed with an ETF. No-one needs Bakkt to come to town to hold their hands with this thing. We're using it today.

— Jason Smith (@iwearahoodie) January 22, 2019

He has also talked about Bitcoin Cash (BCH) and Bitcoin SV (BSV). He said that Bitcoin users want BTC and that many f them are not even interested in receiving any other forked coin from Bitcoin. Bitcoin Cash has forked from Bitcoin back in 2017 trying to scale the network with on-chain solutions such as larger blocks.

Jason Smith went on saying that Bitcoin is also going to help the poorest people. He mentioned that the virtual currency will allow individuals to save small amounts of BTC or satoshis and invest in the property market or other industries.

Because of these and other reasons, Jason Smith says that he supports Bitcoin until it will be the global reserve currency. Additionally, he mentioned that he hates all other altcoins and cryptocurrency scammers around there, that includes Initial Coin Offerings (ICOs) and pump and dump VCs.

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